Vicky Foods Acquires Panrico, Strengthening Iberian Foothold

The Valencian food group Vicky Foods has reached an agreement to acquire the historic Panrico bakery brand from Adam Foods, encompassing the Spanish and Portuguese markets. The deal includes Panrico’s primary production facility located in Gulpilhares, Portugal.

Strategic Expansion for Vicky Foods

This acquisition marks a significant step in Vicky Foods’ international growth strategy, solidifying its position in the packaged bread sector. The Gulpilhares plant, spanning over 50,000 square meters, boasts three production lines dedicated to sliced bread with an annual capacity of approximately 21,000 tons [1]. Vicky Foods intends to integrate Panrico into its existing portfolio of brands, which includes Dulcesol, Be Plus, Hermanos Juan, Il Forno di Giovanni Ricci, and FIT’z.

Adam Foods Focuses on Biscuits

For Adam Foods, the sale of Panrico aligns with a strategic shift towards international expansion within the biscuit category. José Manuel Faria, director of Adam Foods’ biscuit division, stated the decision was driven by a desire to locate a partner capable of ensuring the long-term continuity of Panrico’s industrial activity and employment [1]. Recent moves by Adam Foods include the acquisition of Dr. Gerard in Poland and the integration of the Biscoland plant in Casablanca, Morocco.

Financial Details and Company Performance

The financial terms of the transaction have not been publicly disclosed. Though, both companies characterize the agreement as equitable and supportive of the project’s future development [1]. Panrico generated revenues of 23.8 million euros in Spain and Portugal during 2025 [1]. Vicky Foods reported a turnover of 707 million euros in 2024, employing over 4,000 people [1].

Vicky Foods’ Growing Industrial Capacity

Vicky Foods currently operates four production facilities: two in Valencia (Gandía and Villalonga), one in Fragnes-La Loyère, France (inaugurated in November 2025), and one in Algeria. The company also maintains 24 commercial delegations across Spain, Portugal, Algeria, the United Kingdom, and France, alongside its own egg production farm and packaging manufacturing plant [1].

KPMG served as financial M&A advisor to Adam Foods on the sale [2].